South Africa: Financial Sector Assessment Program-Technical Note on Insurance Sector

South Africa: Financial Sector Assessment Program-Technical Note on Insurance Sector - Regulation and Supervision

June 17, 2022

Preview Citation

Format: Chicago

South Africa: Financial Sector Assessment Program-Technical Note on Insurance Sector - Regulation and Supervision, (USA: International Monetary Fund, 2022) accessed December 30, 2024

Summary

The South African insurance sector is large, complex, internationally active, and competitive. Supported by high penetration and density of insurance products, the insurance sector has grown to account for 18 percent of the financial sector in South Africa. The industry hosts an unusually diverse range of business models, including traditional participation focused models, bank-led conglomerates, asset management focused groups, and technology driven new entrants. Even among large insurers, risk profiles vary significantly, which is unique relative to other major insurance markets. Most large insurance groups are actively expanding their business both regionally and globally.

Subject: Financial institutions, Financial Sector Assessment Program, Financial sector policy and analysis, Insurance, Insurance companies, International organization, Monetary policy, Solvency, Stress testing

Keywords: Africa, B. solvency requirement, Financial Sector Assessment Program, FSAP's finding, IMF-World Bank Financial Sector Assessment Program, Insurance, Insurance companies, Life insurer, Solvency, Solvency assessment, Stress testing

Publication Details

Pages:

34
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2022/185
Stock No:

1ZAFEA2022008
ISBN:

9798400214615
ISSN:

1934-7685

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